RLinda ! BTCUSDT-> Fundamental sends the price to the bottom

Bitcoin liquidated $200 million in long positions yesterday as the price tested a two-year low and dipped to $18,000. All of this was blamed on a sharp and widespread drawdown amid the withdrawal of funds from cryptocurrency FTX and the spillover into a deal with its competitor Binance

(Chart 1: Bitcoin's steep fall, triggered by fundamentals. Straight to the bottom)

The dramatic drop was caused by FTX's recent admission: the exchange is experiencing liquidity shortages." The insolvency was so severe that the CEO approved the sale of FTX to rival cryptocurrency exchange Binance
This scenario caused a decrease in risk and is expected to keep the market bearish

(Chart 2. Demonstration of volatility and consolidation blocks over the past few years)

So far this year, BTC has behaved inversely to inflation and nominal interest rates. Bitcoin volatility has steadily stabilized in a limited range from the last bear market. During the last bear market in 2018, BTC's annual average volatility was 79%, while it is now at 63%.

The flagship is currently trending toward accumulation, a range that has been relevant since June 2022. The tendency is toward accumulation even as bitcoin and cryptocurrencies have so far failed to act as a hedge against inflation.

(Graph 3: comparison of dollar index and bitcoin index charts)

We are witnessing a liquidity crisis caused by the exchange. When this moment will be resolved is now unknown.
At the same time, the U.S. dollar index is testing its support with a breakdown and forming a pro-trade below the critical level. This is one of the key factors that many big investors are paying attention to.
Also on November 10, we might see increased volatility on the back of the release of the US Consumer Price Index for October (CPI)

(Chart 4: Technical Indicators)

From the technical analysis point of view, we can see that the price is testing the support of the range, but at the same time it is in the long zone against the resistance trend lines.

Technical indicators Daily MACD and Daily RSI do not show clear bullish signals.

Moving averages Daily MA50 and Daily MA200 are on the side of the bears and play the role of resistance

Likewise, the price continues to look for a bottom and because the cumulative average Breakeven price for miners is just below the current yields.
A price entry below the critical levels would provoke panic in the market, which could lead to a new wave of exit for miners. I believe that miners are one of not many reasons why the price is still testing lows. Market makers need to get rid of unnecessary weight before further strong growth.


Regards R. Linda!

Comment:

The price continues to move in a bearish distribution phase. On a retest of the 17650 level, the bitcoin breaks it and goes down to the 17000 zone

An important level is ahead, 16188, which can stop the price for a while (presumably) and form a pullback back to 17650

BUT! If the price goes below the 16188 risk zone, it can activate an order (opening, fixes, breakdowns and so on) which will only push the price to fall.

Bitcoin is rewriting several years of lows.

The RSI indicator goes into overbought zone, while the MACD turns red and indicates that a strong bearish trend is forming.

Comment:

The global situation and armageddon in the cryptosphere
1) Left chart.
We see a strong support line, a deep false breakdown was made in 2020, followed by a return behind the line up and multiple confirmations of support
The line has now been broken through again, but in the distributive phase of the move. The price may close with a false breakdown relative to the line (assumption)

2) The trend resistance and limit support level forms a descending triangle, which gets developed. Price updates the two-year low and tests the 17500 zone
The daily MA-50 and MA-200 are acting as resistance. Price is in the short zone.

3) As for global declines.
- The first drop in December 2018 was almost 83% of the high, which is bitcoin's highest drop to date
- The second bitcoin armageddon in March 2020 was almost 75%
- Today, the price is down almost 73%. We can consider this drop to be within acceptable limits

Keep an eye on the situation

Comment:

Bitcoin is falling and thus coming out of the consolidation downwards. At the moment the low of 16441 has been tested, below that is the strong level of 16188 formed on November 26, 2020
Technicals:
- Rising volumes, what to expect when testing an important level?
- Daily RSI in overbought zone
- Daily MACD. MACD line goes down to a neutral point, the chart informs about the strength of the bears
-Two daily candlesticks ago we see a crossover, indicating a trend change in the MACD

I think we should keep an eye on the fact that the price might react with a bounce from 16188 (might be a false-break)

Comment:

The crypto market flagship has almost fallen to the average cost of production in the bitcoin mining industry.
This week, the price has been testing the cumulative break-even zone of institutional

Falling below the critical zone will lead to consecutive margin calls and other forced selling by miners and a variety of investors.

The market is eager to get rid of the excess weight before the price moves freely in one direction or the other.

Comment:

BITCOIN has tested a new low. $15588

The flagship is sandwiched between resistancec 17622 and supportc 13582 (the upper limit of the Miners critical zone range)

It's hard to talk about bitcoin's sentiment and potential right now. In order to discuss further bitcoin growth the price needs to pass the entire upper range (support 17622 - resistance 24500). Once the price goes above 24500 it will be the first call for a decisive review of the situation for long positions

Right now the price is in its lows and testing the 17622 resistance from the bottom up. There are two conditions:

1) if the price fails to go above the resistance, it will consolidate BETWEEN 17622, and then it might continue falling towards the support at 13582.

2) If price makes a false-break and starts consolidating HIGHER than resistance 17622, price might test the nearest resistance 21480.

Comment:

BTCUSDT Is between the strong resistance 17622 and strong support 16188.
A symmetrical triangle is formed on the 15-minute chart, which indicates the neutrality of forces between the buyers and sellers, exactly as indicated by the indicators
1) Moving averages in sideways movement. The price is squeezed between the lines. Everything points to the lack of clear direction.
2) RSI is on the 50 line. It is in a neutral point.
3) MACD is similar. All indicators are in neutral and fading.

The price goes up beyond the resistance of the triangle and trades above the local support line, we can orientate that the price may reach resistance 17622 in the near future